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Realtor Price Opinion vs Zillow Zestimate & Redfin Estimate | San Francisco Real Estate Podcast - YouTube
Channel: San Francisco Real Estate Podcast
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Hey hey hey and welcome to the northern
San Francisco real estate podcast with
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your host Matt Morgus. That's right
that's me once again today Thursday,
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August 3rd, 2017, coming live, well live
right now, from my home office here in
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San Francisco California, overlooking the
bay. We've got a nice golden gate view
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bridge a view and a couple boats out in
the harbor today. Let's get right to it.
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I'd like to just to jump right in and
get right to it I always I always put
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these things together very last minute
so I don't have any notes this is just
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right off the top of my head so let's
let's jump in let's do this. This week I
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want to talk about, this week, this
episode, I want to talk about how do you
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know your home's true value with all the
information on the Internet today with
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sites like realtor.com, Zillow and the
ever-growing popular Redfin.com there
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are a million different ways you can get
your estimate. Right? Zillow has their own
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estimates which have had some very
negative press lately
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most recently being I remember the CEO
or maybe one of the owners of his I
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think was a CEO of Zillow had his house
on one of his own zestimates, which is a
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Zillow estimate, right? And it came in I
think it was like $5 million dollars
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below what he was actually selling his
house for, which is just funny that's
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that's funny, funny, funny stuff. The other
one, very popular right now, that was just
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released maybe less than a year ago
Redfin.com has has their own version of
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this. They don't call it a zestimate,
obviously, but they just call it a
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redfin estimate, and the
redfin estimates and I I'm assuming the
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the Zillow's zestimates, gosh that's funny
to say... just Zillow's Zestimate, Redfin
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estimate, I'm not a tech that crazy of a
tech person I, I don't know how to design
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or build crazy algorithms, there are a
lot of people here in San Francisco that
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can do that, and can develop and do that,
but to me it looks like they're taking
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the basic price per square foot for your
zip code or for your area maybe the
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last few blocks or radius of the house
that's being shown on their estimators
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estimate and they're they have an
algorithm that figures out what this
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house should sell for. Now these things
are off all the time. They're off all the
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time. It's really funny I gave you my my
Zillow zestimate story a few seconds ago
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and out of the the two main competitors
right now which I think are Zillow and
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Redfin,
I think that Redfin has it down a
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little bit better. If you're gonna go off
one of these I think I would personally
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go off the Redfin one. What Redfin, just
from the outside looking in, and seeing
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how they take this into account, they
look at the time on market, so if an
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listing just came on the market and it's
been on the market for three days the
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redfin estimate is going to be probably
higher than the same property that's
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been on the market for sixty days. The last episode we discussed that
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golden window of opportunity for sellers
which is usually the first couple weeks
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well Redfin knows this Redfin sees
this as well in the market I wish I had
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the market data just to show what kind
of drop-off it in it's it's really the
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drop off is really neighborhood by
neighborhood price range by price range
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too so it's it's not just a general
thing
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so you may ask yourself though if these
zestimates
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and Redfin estimates are off by so much
then why do they even take the time to
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put them online and in my opinion the
the real answer is sites like Zillow and
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redfin are trying to take away leaves
from real estate agents right you and I
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know that the true value of a house
really comes from a human being given a
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price opinion on it because what
algorithms computer algorithms cannot do
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and cannot see is the location of a
property where it's located on the block
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is it located next to a school is it
located next to a house that has four
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pitbulls or a house that has giant
parties maybe a frat house is it located
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next to an industrial area like a
recycling center I don't know now the
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only way I would know is if I came over
to the house and saw it in person you
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know I parked my car I get out I look
around the block I I walk around the
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block I see what's going on in the
neighborhood and I hear from the seller
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what's actually going on in the
neighborhood that's something that
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Zillow and Redfin just cannot do they
haven't figured out an algorithm for
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that yet now maybe they will that would
be very very very impressive and it
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would probably put us real estate agents
out of a job but until that day happens
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it's really going to be a human
interaction thing so the true way for
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you as a homeowner and you as a home
seller to get the true value of your
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house is to call someone like me a local
professional real estate agent and to
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say hey look I may or may not be looking
to sell but I'm just curious you know
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everyone has that curiosity all the
homes that I've owned I am obsessive
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about
it actually about real-estate values
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when things go up when things go down
I'm that that's what I do for a living
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but I'm always constantly looking at
surrounding properties and other houses
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on the block or in the neighborhood just
to see what my house is worth so I would
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assume that other homeowners are the
same way some people are some people
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aren't but if you are that way and you
live in San Francisco feel free to give
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me a call I'm more than happy this is
what I do every day I meet with sellers
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on a daily basis and sit down with them
when we walk through the whole entire
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house and we look at the neighborhood we
look at the comps in the neighborhood
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the sales that have happened in the last
three to six months in the same area the
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same zip code hopefully on the same
block if there are some and we put
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together a market analysis of what your
house is worth it's as simple as that
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now people are sellers in general like
their privacy
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I get that everybody does and people
like things very quickly in today's
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world right with Facebook with Instagram
with dating sites you can swipe left
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right up down very quickly you're on to
the next thing so I get why people would
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not want to call a real estate agent or
real estate professional to bother them
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or to take up their own time especially
if they're just inquiring about
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something like this but in all reality
eventually most people sell and it's a
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good idea to form a relationship with a
local real estate professional that way
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you can just call on them on them
randomly
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whenever you really need to and just say
look we're thinking about selling in six
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months and Zillow has hours estimate at
X redfin has our Redfin estimate at Y
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both of them seem really far off we
would actually like to sell for Z which
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is way higher what do you think it's
worth
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so that's what that's what we're job is
here that's what service we provide and
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if I haven't gotten my point across
crystal-clear I want to make it again
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that it really is not any sort of bother
or any sort of problem for you to call a
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real estate agent and ask for their
professional opinion it really isn't
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it's I I get why you would want to do
that you want a really true market value
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and you don't want just estimates of
what you think it's gonna sell for or an
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algorithm you know you want a real true
human experience with a professional
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opinion so I get it please feel free to
go ahead and call us as real estate
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professionals me or someone else that's
that's totally fine and use our services
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that's what we're here for so hopefully
that answered your questions about
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Zillow's Zestimate s-- red fin estimates
and the value of your home if you have
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any further questions as always reach
out to me my website is northern SF
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dot-com you can call me on my phone four
one five three six one nine nine five Oh
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sounds like an infomercial thank you and
until next time we will talk to you
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later
I should also mention you can find this
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podcast on iTunes that's what I was
looking for iTunes so go to iTunes just
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type in San Francisco real estate you'll
see my name, Matt Morgus, on there just
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hit the button subscribe listen to it on
your your phone and your car wherever
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you want okay
have a great weekend everyone and we'll
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talk to you soon bye bye.
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